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Jun 30, 2023
Liquidia Q2 2023 Earnings Report
Liquidia reported financial results for the second quarter of 2023 and provided a corporate update.
Key Takeaways
Liquidia reported revenue of $4.8 million for the second quarter of 2023, an increase from $3.9 million in the same period last year. The net loss for the quarter was $23.5 million, or $0.36 per share, compared to a net loss of $9.4 million, or $0.15 per share, for the second quarter of 2022. Cash totaled $88.2 million as of June 30, 2023.
Advanced litigation with United Therapeutics, with only one patent remaining gating to final approval for YUTREPIA.
Submitted amendment to add PH-ILD indication to the YUTREPIA new drug application.
Expanded pipeline through partnership with Pharmosa Biopharm to develop L606 in North America.
Revenue increased to $4.8 million, primarily due to the promotion agreement with Sandoz Inc.
Liquidia
Liquidia
Forward Guidance
Liquidia plans to prepare for the potential launch of YUTREPIA for PAH and PH-ILD. Awaits FDA input from a Type B meeting later this year, Liquidia intends to initiate a Phase 3 randomized, placebo-controlled study in 2024 to evaluate treatment of PH-LD patients with L606.
Positive Outlook
- Potential FDA approval of YUTREPIA for PAH and PH-ILD
- Advancement of L606 through Phase 3 study
- Opportunity to expand the treatment options for pulmonary hypertension patients
- Strong cash position to support ongoing operations
- Positive court affirmation regarding patent invalidity
Challenges Ahead
- Ongoing litigation with United Therapeutics
- Uncertainty regarding the timing of final FDA approval for YUTREPIA
- Dependence on Sandoz for revenue from Treprostinil Injection
- Increased research and development expenses
- Increased general and administrative expenses